WINNIPEG – ICE Futures canola contracts were stronger at midday Tuesday, as the market continued to recover off of the nearby lows hit in late-March.
Weakness in the Canadian dollar and strength in Chicago Board of Trade soyoil contributed to the firmer tone in canola on Tuesday, according to a broker.
However, the market remains range-bound overall, with traders looking for fresh news on North American seeding conditions and the trade dispute with China.
“The China situation is certainly a limiting factor for the canola upside,” said the broker.
Large old crop supplies are also still overhanging the market.
About 6,500 canola contracts traded as of 10:53 CDT.
Prices in Canadian dollars per metric tonne at 10:53 CDT:
Price Change
Canola May 459.20 up 2.60
Jul 466.80 up 2.40
Nov 477.90 up 2.00
Jan 485.20 up 2.70
